All 12 Federal Reserve Districts continued to report that economic activity expanded from mid-May through June, with positive reports on the residential real estate market, according to the most recent Beige Book.
The previous Beige Book also posted economic expansion in all 12 districts, with a strong forecast for the future.
Richmond, St. Louis, Minneapolis and Kansas City stated that residential real estate activity had increased during the reporting period, while New York indicated that housing markets continued to improve. Dallas noted that residential real estate activity generally remained solid.
It wasn’t all positive news though, with Philadelphia and Dallas indicating that home sales activity was mixed and New York saying that sales volume in some markets was down.
However, home sales were reported as generally increasing across most markets in Boston, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, and Kansas City.
Furthermore, Boston, New York, and Richmond posted low levels of inventory, and Minneapolis indicated that inventory had decreased from the year-earlier level in some markets.
Additionally, lending activity increased since the last report, with real estate lending up in half of the districts.
Mortgage lending grew steadily in Chicago, Kansas City, and San Francisco. Cleveland noted seasonal increases in mortgage loans, and Richmond reported a modest increase.